STORA ENSO OYJ PARENT COMPANY INCOME STATEMENT

Transcription

1 PARENT COMPANY INCOME STATEMENT SALES Changes in inventories of finished goods and work in progress + / Production for own use Other operating income Materials and services Personnel expenses Depreciation and impairment Other operating expenses OPERATING PROFIT (LOSS) Financial income and expenses PROFIT (LOSS) BEFORE EXTRAORDINARY ITEMS Extraordinary income PROFIT (LOSS) BEFORE APPROPRIATIONS AND TAXES Appropriations Direct taxes NET PROFIT (LOSS) FOR THE PERIOD

2 PARENT COMPANY BALANCE SHEET ASSETS NON-CURRENT ASSETS Intangible assets Tangible assets Investments TOTAL NON-CURRENT ASSETS CURRENT ASSETS Inventories Non-current receivables Current receivables Investments Cash in hand and at bank TOTAL CURRENT ASSETS , TOTAL ASSETS SHAREHOLDERS EQUITY AND LIABILITIES SHAREHOLDERS EQUITY 23 Share capital Share premium fund Invested unrestricted equity fund , Retained earnings (loss) Profit (loss) for the period TOTAL SHAREHOLDERS EQUITY APPROPRIATIONS PROVISIONS LIABILITIES Non-current liabilities Current liabilities TOTAL LIABILITIES TOTAL SHAREHOLDERS EQUITY AND LIABILITIES

3 PARENT COMPANY CASH FLOW STATEMENT Cash Flow from Operating Activities: Net profit/loss for the period Adjustments: Direct taxes Appropriations Extraordinary items Depreciation and impairment Unrealised currency gains and losses ,83 Other income and expenses with no associated payment ,15 Net financial expenses Change in working capital: Current non-interest-bearing receivables increase(-)/decrease(+) Inventories increase(-)/decrease(+) Current non-interest-bearing liabilities increase(+)/decrease(-) Cash flow from operating activities before financial items and taxes Interest received from operating activities Interest paid Dividends received Other financial items, net Direct taxes paid Net Cash Provided by Operating Activities Cash Flow from Investing Activities: Capital expenditure Capital gains on the disposal of fixed assets Acquisition of subsidiary shares Disposal of subsidiary shares and equity repayment Disposal of shares in equity accounted investments and equity repayment Capital gains on the disposal of other investments Change in non-current receivables Net Cash Provided by Investing Activities Cash Flow from Financing Activities: Change in interest-bearing non-current liabilities Change in interest-bearing current borrowings Dividends paid Group contributions received Net Cash Provided by Financing Activities Net Change in Liquid Assets Translation differences Cash and cash equivalents at start of year Cash and Cash Equivalents at Year End

4 Note 1. Accounting principles The main accounting principles are described in the notes to the Group Consolidated Financial Statements (Note 1). The Parent Company Financial Statements are prepared according to Generally Accepted Accounting Principles in Finland. As a result, the main differences between the accounting principles of the Group and Stora Enso Oyj: - Accounting of amortisation of capitalised goodwill - Valuation of financial assets and liabilities, financial instruments and securities - Accounting of post-employment defined benefit pension plans - Recognition principles and presentation of deferred taxes - Accounting of share-based incentive plans - Accounting of finance leases Note 2 Emission rights On 1 January 2012 the Company received for free a total of 1.4 million tonnes of emission rights as defined under the EU Emissions Trading Directive and recognised them in accounting through a net cash cost basis, in other words by taking into account in the Income Statement the difference between the emissions emitted and the emission rights received if the tonnes of emissions emitted exceeded the emission rights already received. During the financial period, the emissions emitted were 1.1 million tonnes, so the emissions emitted did not have an effect on the Income Statement or the Balance Sheet. At the end of the financial period, the market value of the emission rights was EUR 6.43 per tonne and the total value EUR 6.0 million. Note 3 Receivables from Company s Management There were no receivables from the Company s Management.

5 Notes to the Income Statement Note 4 Sales by segment and market area Distribution by segment Printing and Reading Biomaterials Renewable Packaging Other Total Distribution by region Finland Other Europe North and South America Asia and Oceania Africa Other Total Note 5 Other operating income Rent and equivalents Gains on sale of fixed assets Insurance compensation Production and maintenance services Subsidies, grants and equivalents Administration services Proceeds from sales of emission rights Other operating income Total Note 6 Materials and services Materials and supplies Purchases during the period Change in inventories + / External services Total materials and services

6 Notes to the Income Statement Note 7 Personnel costs and average number of employees Wages and salaries Statutory employer costs Pensions Other personnel costs Total Remuneration of members of the Board of Directors and CEO Salaries and fees Pension liabilities for CEO Retirement age of CEO has been agreed as 60. Average number of employees employed by the Company in the period White-collar workers Blue-collar workers Total Note 8 Depreciation and impairment Depreciation according to plan Impairment of fixed assets Reversals of impairment of non-current assets Total Depreciation on each balance sheet item is included under intangible and tangible assets. Note 9 Other operating expenses Product freight Sales commissions Rental costs Administration and office services Insurance premiums Change in environmental provision Other personnel expenses Representation costs Public and other relations Other operating expenses Total

7 Notes to the Income Statement Note 10 Auditor's fees Audit fees Taxation advice Other fees Total Note 11. Financial income and expenses Dividend income From Group companies From equity accounted investments Other Total Interest income from long-term investments From Group companies Other Total Other interest and financial income From Group companies Other Total Total financial income Investment impairments Impairment of long-term investments and reversals of impairment Interest and other financial expenses Payable to Group companies NewPage Stevens Point Mill Other financial expenses Total Total financial expenses Total financial income and expenses Net currency gain (loss) included in interest and financial expenses

8 Notes to the Income Statement Note 12 Extraordinary items Extraordinary income Group contributions received Other extraordinary income Total extraordinary items Note 13 Appropriations Difference between depreciation according to plan and depreciation recognised in taxation Note 14 Income tax Income tax on operations for the period Income tax for previous periods Total Income tax Note 15 Environmental costs Materials and services Personnel costs Depreciation and impairment charges Total Air quality protection Waste water treatment Waste management Soil and groundwater protection Noise and vibration prevention Biodiversity and landscape protection Research and development Other environmental protection measures Total

9 Notes to the Balance Sheet Non-current assets Note 16 Intangible and tangible assets Intangible assets Intangible rights Other long-term expenditure Goodwill Total Acquisition cost Additions Disposals Reclassification Acquisition cost Accumulated depreciation and impairment Accumulated depreciation on disposals reclassifications and mergers Depreciation for period Accumulated depreciation Net book value Net book value Tangible assets Land and water Buildings and structures Plant and equipment Other tangible assets Total Acquisition cost Additions Disposals Reclassification Acquisition cost Accumulated depreciation and impairment Accumulated depreciation on disposals reclassifications and mergers Depreciation for period Impairment Reversal of impairment Accumulated depreciation Increase in value Disposals Increase in value Net book value Net book value Production plant and equipment Net book value Net book value Advance payments and acquisitions in progress Intangible assets Buildings and structures Plant and equipment Other tangible assets Total Acquisition cost Additions ,82 Impairment ,49 Reclassification ,87 Acquisition cost

10 Notes to the Balance Sheet Capitalised environmental expenditure Acquisition cost Additions Depreciation Acquisition cost Air quality protection Waste water treatment Waste management Soil and groundwater protection Noise and vibration prevention Total In 2012 and 2011 no environmentally based fines, charges or compensations were paid, and no subsidies or grants were received for environmental protection. Note 17 Capitalised interest Buildings and structures Capitalised interest Disposals Capitalised interest Plant and equipment Capitalised interest Additions Disposals Capitalised interest Other tangible assets Capitalised interest Additions Disposals Capitalised interest Total Capitalised interest Additions Disposals Capitalised interest

11 Notes to the Balance Sheet Note 18 Long-term investment in shares and loan receivables Group companies Shares Loan receivables Total Equity accounted investments Shares Loan receivables Total Other Shares. book value Shares. depreciation in value Other receivables Total Total investment Current assets Note 19 Inventories Materials and supplies Work in progress Finished goods Other inventories Total Receivables Note 20 Non-current receivables Other receivables Total non-current receivables

12 Notes to the Balance Sheet Note 21 Current receivables Current interest-bearing receivables Receivables from Group companies Loan receivables Interest receivables Total Receivables from equity accounted investments Interest receivables Total Receivables from others Interest receivables Total Total current interest-bearing receivables Current non-interest-bearing receivables Receivables from Group companies Trade receivables Other receivables Accrued income Total Receivables from equity accounted investments Trade receivables Other receivables Total Receivables from others Trade receivables Other receivables Accrued income Total Total current non-interest-bearing receivables Total current receivables Significant accruals Commodity contract accruals from Group Other accruals from Group Commodity derivative contract accruals Tax equivalent receivables Advances paid Other accruals Total Note 22 Investments From Group companies From others Total

13 Notes to the Balance Sheet Note 23 Shareholders equity Restricted shareholders equity Share capital Share capital Share premium fund Share premium fund Total restricted shareholders equity Unrestricted shareholders equity Invested unrestricted equity fund Invested unrestricted equity fund Retained earnings Dividend distribution Retained earnings Profit/loss for the period Total unrestricted shareholders equity Total shareholders equity Calculation of distributable shareholders equity at 31 December Invested unrestricted equity fund Retained earnings Profit/loss for the period Total

14 Notes to the Balance Sheet Note 24 Share capital distribution between A shares and R shares A shares R shares Total Conversions of A shares to R shares 12/ / Conversions of A shares to R shares 12/ / Counter value (nominal value) EUR 1.70 per share A shares R shares Total Share capital Share capital

15 Notes to the Balance Sheet Note 25 Accumulated appropriations Depreciation difference Intangible rights Other long-term expenditure Buildings and structures Plant and equipment Other tangible assets Total Note 26 Statutory provisions Restructuring provisions Environmental provisions Pension provisions NewPage Stevens Point Mill Other provisions Total Note 27 Deferred tax liabilities and receivables Deferred tax liability due to depreciation difference Deferred tax receivable due to loss Deferred tax receivable due to provisions Total deferred tax receivable Deferred tax receivables and liabilities have not been recognised in the Balance Sheet.

16 Notes to the Balance Sheet Non-current liabilities Note 28 Non-current liabilities Bonds Loans from credit institutions Pension loans Other long-term liabilities Total Liabilities with maturities later than five years Bonds Loans from credit institutions Pension loans Other long-term liabilities Total

17 Notes to the Balance Sheet Bonds Fixed rate Interest rate Currency Original Book value Book value loan capital EUR million EUR million USD EUR SEK USD USD SEK SEK EUR EUR Total Loans matured and extinguished in ,6 Floating Rate Euribor+0.96 EUR Euribor+0.72 EUR Euribor+4.21 EUR Euribor+2.83 EUR Euribor EUR Stibor+3.70 SEK Stibor+3.90 SEK Total Loans matured and extinguished in 2012 Total bonds

18 Notes to the Balance Sheet Note 29 Current liabilities Current interest-bearing liabilities Liabilities to Group companies Other loans Interest due Total Liabilities to others Other loans Interest due Bonds Loans from credit institutions Pension loans Total Total current interest-bearing liabilities Current non-interest-bearing liabilities Liabilities to Group companies Advances received Trade payables Other liabilities Accruals and deferred income Total Liabilities to equity accounted investments Trade payables Other liabilities Accruals and deferred income Total Liabilities to others Advances received Trade payables Other liabilities Accruals and deferred income Total Total current non-interest-bearing liabilities Total current liabilities Significant accruals and deferred income Payroll payments accrued Annual discounts Other accruals and deferred income Total

19 Note 30 Commitments and contingencies On own behalf, for own debt Mortgages For Group debt Guarantees On behalf of equity accounted investments Guarantees On behalf of others Guarantees Other commitments, own Leasing commitments, in next 12 months Leasing commitments, after next 12 months Mortgages Other contingencies Total Mortgages Guarantees Leasing commitments Other contingencies Total

20 Note 31 Fair values of financial instruments Stora Enso is exposed to several financial market risks that the Group is responsible for managing under policies approved by the Board of Directors. The objective is to have costeffective funding in Group companies and manage financial risks using financial instruments to decrease earnings volatility. The main exposures for the Group are interest rate risk, currency risk, funding risk and commodity price risk, especially for fibre and energy. The Parent Company manages these risks centrally in the Group. Open agreements for risk management purposes EUR million Interest Rate Swaps Fair value Value of underlying asset Interest Rate Options Fair value Value of underlying asset Currency Forward Contracts Fair value Value of underlying asset ,0 Currency Options Fair value Value of underlying asset ,7 Energy and Paper Derivatives Fair value Value of underlying asset Total return swaps Fair value Value of underlying asset

21 Note 32 Environmental liabilities Pateniemi Sawmill site Stora Enso Oyj owns land in Oulu where Pateniemi Sawmill operated from the late 1800s until Following the operations, the soil of the woodhandling and warehouse areas is contaminated. Stora Enso Oyj is responsible for decontaminating and restoring the area. The assessment of the environmental effects was completed in 2005 and identification of the environmental risks was completed in February Closure of the tip and decontamination of the most polluted area began in December This work will continue in According to the prevailing environmental permits, decontamination of the soil and closure of the tip must be must be completed by the end of Dismantling of cells at chlorine plant Stora Enso Oyj, at that time Enso Oyj, sold its paper chemicals business operations to Akzo Nobel in The chlorine and chlorate plant in Oulu was transferred to the new owner in the deal. The plant operates under the name Eka Chemicals Oy. The sales agreement specified that the seller remained responsible for environmental liabilities arising before the time of the sale. In 2007 the cells no longer used for chlorine production were dismantled so that they would not pose an occupational hazard. It was separately agreed that when Eka Chemicals will cease production of chlorine and sodium hydroxide by the mercury method, Stora Enso will be responsible for decontaminating the area in accordance with the sales agreement. In 2011 Eka Chemicals conducted an assessment to identify contamination of soil at the site. 3. Kemijärvi Pulp Mill Production at Kemijärvi Pulp Mill ceased in April The Regional State Administrative Agency issued a decision concerning an environmental permit related to the cessation of operations in April Stora Enso Oyj filed an appeal to the Vaasa Administrative Court against the decision of the Regional State Administrative Agency. The Vaasa Administrative Court issued its decision on 27 December Stora Enso has filed an appeal to the Supreme Administrative Court against the Vaasa Administrative Court s decision. The appeal process is ongoing. 4. Summa Mill Production at Summa Mill ceased in January An environmental permit to cease operations was received in summer The soil and groundwater have been largely decontaminated and most other obligations stipulated by the environmental permit have also been fulfilled. 5. Varkaus Mill Following the ending of newsprint production at Varkaus, an assessment to identify contamination of soil at the mill site was conducted in According to the risk assessment, there is no need to begin decontaminating the site because industrial operations continue. 6. Heinola Fluting Mill The landfill site at Stora Enso Oyj s Heinola Fluting Mill has a waste liquor basin that was built in 1979 for storing low-concentration liquor. Low-concentration liquor was discharged into the basin until In the decision issued in 2006 concerning the environmental permit for the landfill site, a condition of the permit was that the soil at the site had to be assessed for contamination and a remediation plan drafted. The investigations showed that the soil was not contaminated, but emptying of the waste liquor basin and its remediation were deemed necessary. Stora Enso submitted an environmental permit concerning the remediation of the site to the Regional State Administrative Agency for Southern Finland in March 2012.

22 List of account books, types of accounting records and storage methods: Balance sheet book General ledger and journal Specifications Accounts payable records Accounts receivable records Memo vouchers Records of fixed assets Payroll records bound volume cd cd paper records cd/paper records paper records cd paper records